What is the history of insurance companies in India?
The first insurance company in India was the Oriental Life Insurance Company, established in 1818 in modern-day Kolkata (then called Calcutta). Though promising, this life insurance company charged a fortune from Indians at that time, as compared to the British. Not many Indians could afford it under British rule, and it had to shut down in 1834.
When was life insurance invented?
The first life insurance policies were taken out in the early 18th century. The first company to offer life insurance was the Amicable Society for a Perpetual Assurance Office, founded in London in 1706 by William Talbot and Sir Thomas Allen.
Why was Bombay Life Assurance Company the first insurance company in India?
In the underlying days, Indians needed to pay an amazingly high premium contrasted with the British inhabitants. It was the Bombay Life Assurance Company, which turned into the primary insurance company set up by an Indian that began safeguarding Indians without charging extra expenses.